Grassfed Meat Trade Impacted by Coronavirus, Consumers Dependent on Local Production
Covid-19 has affected trade of livestock and meat across borders owing to its zoonotic origin. The key producers of grassfed meat including the U.S. and Brazil have to consume their buffer stocks within the country. Consumers in non-grassfed meat production clusters are further shifting their meat preference to conventional meat variants. Under the impact of Covid-19, global grassfed meat market is projected to garner an eroded, absolute $ opportunity of around US$ 260 Mn between 2020 and 2030.
Demand for Grass-Fed Meatthrough Direct Sales Channel Is Expected to Stay On Top
The demand through direct sales channel, accounts for nearly 45% of the global grassfed meat market, owing to the rising demand from food processing companies and HoReCa, which is expected to grow at a CAGR of 3 % during the forecasted period. In 2020,the global grassfed meat consumption will be affected due to covid-19 pandemic and is expected to have lower demand in first two quarters.However, in Asia the demand will grow nearly by 2X following the ban on meat of wild animals in China, which is among the top consumers of grassfed meat in Asia.
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Surge in Demand of Lamb and Goat Meat is anticipated to grow at CAGR of nearly 5%
Lamb and goat constitute nearly 1/3rd of the global grassfed animal head count owing to its significant demand in regions like Europe, South East Asia, MEA and Latin America. One of the key exporters of grassfed sheep,Oceania supplies nearly 30% of total sheep meat imports of Europe.
MEA is one of the larger grassfed sheep and goat consumers with high demand for halal meat. However, demand for lamb and goat meat is expected to grow at a CAGR of 5% in South East Asia owing to the 2019, ASEAN trade agreement. However, Oceania accounts for nearly 70% of the global lamb exports in which the share of New Zealand is nearly 44% of the trade. Moreover, according to Ministry of Business, Innovation and Employment (MBIE), the market for grassfed sheep is expected to grow at a CAGR of 3% in upcoming years.
Established Countries to Create Notable Opportunities for Marketers
United States and Europe will generate demand for the grassfed meat and will grow at a CAGR of 5% during the forecasted period owing to the rise in demand for grassfed meat in HoReCa and food processing business. However, impact of coivd-19 can affect demand in emerging nations.
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Top Players Are Collaborating to Obviate Competition with Emerging Players
Global grassfed meat market has fragmented after the rise of emerging players like Pre Brands and Verde Farms that are focusing on new products with different strategies like labelling. To meet the evolving competition in their region, top players have now started collaborating with each other and are trying to minimize their supply chain disruptions by collaborating with supermarkets and stores.
- In January 2020, JBS signed a distribution agreement with WH Group to enter more than 60,000 point of sales locations in markets of China.
- In March 2019, Australian Agricultural Company Ltd, went into a small joint venture with Classic Fine Foods to introduce its signature food menu in 5 restaurants in Dubai.
- In April 2019, Creekstone went into join venture with Walmart, to support its supply channel of Angus beef.
- In 2019, Sysco Corporation acquired J Kings Food service, J & M Wholesale Meats and Imperio Foods, to extend its distribution channels as a part of its strategic acquisition.
Impact of Covid-19 on Global Grassfed Meat Market
Covid-19 outbreak has negatively impacted the food and beverage industry globally, where country and statewide lockdowns have cut demand and created havoc in supply chains. The meat market as a whole and grassfed meat in particular have also faced a cascading impact of the crisis as the demand has been observed to shrink in January and February 2020 as compared to the demand during similar months in 2019. In February 2020, New Zealand has seen nearly 40% fall in meat import from China, while according to USDA demand for beef and veal from China has fallen by nearly 10% in January 2020.
The global market has faced a similar drop in demand during 2009, where the demand for beef trade had faced a downfall of up to 10%, owing to the sub-prime crisis in the US. However, surge in demand right from 2010 was nearly 2X in United States as economy recovered. Similarly under the Eurozone crisis, the demand for meat had dropped at a CAGR of nearly 3% in Eurozone area, where it took around two years for the regional demand to ameliorate.
The extent of grassfed meat demand shrinkage in 2020 can be understood under three scenarios: optimistic, pessimistic, and probabilistic. Under the optimistic scenario, the global grassfed meat market is expected for remain under the strong impact of Covid-19 in the first quarter of 2020, and from second quarter, the demand will rise.
On the other hand, under probabilistic scenario, the market is expected to remain under strong influence of the crisis till second quarter, and from quarter 3 onwards, the situation will ameliorate. While in the pessimistic scenario, the impact of crisis may disrupt the demand of grassfed meat for all four quarters, and the market will only start showing improvement in the first quarter of 2021, with restoration of consumer confidence.
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Global Grassfed Meat Market - Scope of the Report
Grassfed meatmarket is anticipated to witness a notableupsurge during the forecast period 2020 to 2030, conferring to a new Fact.MR study. The study promotes crucial trends that are presently determining the growth of grassfed meat market. This newly published and perceptive report sheds light on vital dynamics, which are likely to convert the future of grassfed meat market, in turn generating worthwhile opportunities for key companies as well as evolving players who are interested in the manufacturing of grassfed meat.
Grassfed meat market study is a detailed market intellect on key revenue progression factors, challenges, industry trends, and opportunities, which will eventually influence the growth of grassfed meat market. The report primarily conveys a summary of thegrassfed meat market, considering present and upcoming toppings and fillings industry scenarios, to reveal striking sides relating to the acceptance of grassfed meat across prominent regional markets.
A detailed assessment on few ofgrassfed meatraw material suppliers accessible in the report allows the report readers to obtain detailed findings that have resulted from grassfed meat supply chain analysis, business execution, and value chain analysis across the regional markets incorporated in the report. A list of prominent companies functioning in grassfed meat market provided in the report enhancesreliability of this ample research study.
Grassfed Meat Market: Report Summary
Study offers a comprehensive overview on diverse features that are inducing demand, revenue generation and sales in grassfed meat market across the globe.
A comprehensive estimate on grassfed meat market has also been made accessible by the experts, who have considered the market estimates on the basis of a likely scenario, an optimistic scenario, and a conservative scenario regarding sales of grassfed meat during the forecast period. Analysis and estimation of price point comparison by region and by product with the global average price has been included in this study.
Grassfed Meat Market: Segmentation
FactMR’s study has done the segmentation of grassfed meat market on the basis of base product type, nature, animal type, end user, sales channel and regions.
By Sales Channel
Grassfed Meat Market: Analysis on Market Size Evaluation
Predictions of grassfed meat market, encompassing current as well as forthcoming projected values estimate and analysis on region-wise demand trends and price index have been assimilated in the report.
Market estimates at theregional and global scale for grassfed meatare available in terms of “US$ Mn.” A Y-o-Y growth contrast on prominentgrassfed meat market segments, along with the market attractiveness valuation computes understandings brought in the report. Metrics mentioned above are also followed based on grassfed meatproducts where grassfed meat witness a steady demand.
Grassfed Meat Market: Scrutinized Assessment on Regional Segments
Weighted sections have been elaborated in the report on grassfed meat market, which delivers projection on the regional markets. These chapters brighten the regional macros (political economic, and business environment outlook), which are expected to have a significantimpact on the growth of grassfed meat market during period of forecast.
Country-specific valuation on demand for grassfed meat has beenoffered for each regional market, along with the market scope estimate and forecast, price index, price point assessment, and impact analysis of dynamics of prominent regions and countries. For all regional markets Y-o-Y growth estimates have also been incorporated in the report.
Grassfed Meat Market: In-depth Analysis on Competitive Landscape
The report ends with a section on the competition scenario of grassfed meat market, along with the profiles ofmajor companies contributing to the market expansion. Essential and up-to-date data as well as information correlated to the market performers, who principally engage in the production and supply of grassfed meat, has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent playersprovided in the report permits the report readers to plan preemptive steps to advance their businesses.
Company profiles have beensharedwith report, which exerts essentials such as product portfolio, along with an all-inclusive SWOT analysis on each player recognized along with the company policies identification and analysis. The company presence mapped and presented through the matrix for all the prominent players of the market functioning in grassfed meat market offers readers with actionable intellect, which helps in thoughtfully presenting the market status, and making decisive predictions on the competition levels in grassfed meat market.Majorcompanies operating in globalgrassfed meat market, include JBS, Vion NV, Hormel Foods Corporation, Omaha Steaks, Australian Agriculture Company, Creekstone, The Mayer Natural Foods, Sysco Corporation, Conagra Brands, A Cargill Teys Australia Joint Venture, Perdue Premium Meat Co. and Thomas Food International, VERDE Farms.
Impact of Covid-19 on Grassfed Meat Market
The report includes a scenario based assessment of impact of Covid-19 across key regions for all four quarters of 2020. The report discusses the market forecast under optimistic, probabilistic and pessimistic scenario. Under the three scenarios, the demand loss and recovery has been illustrated and described through L-shaped and U-shaped recovery curves. Alongside, the Covid-19 impact has been benchmarked with previous crisis including sub-prime crisis, Eurozone crisis and SARS pandemic.
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